{"id":803,"date":"2021-07-29T01:23:19","date_gmt":"2021-07-29T01:23:19","guid":{"rendered":"https:\/\/grandcityinvestment.com\/?p=803"},"modified":"2024-10-01T04:52:40","modified_gmt":"2024-10-01T04:52:40","slug":"hutchison-telecom-profit-drops-nearly-80-to-31m-in-h1","status":"publish","type":"post","link":"https:\/\/grandcityinvestment.com\/en_US\/hutchison-telecom-profit-drops-nearly-80-to-31m-in-h1\/","title":{"rendered":"Hutchison Telecom profit drops nearly 80% to $31m in H1"},"content":{"rendered":"

Hutchison Telecom profit drops nearly 80% to $31m in H1<\/h1>\n
\n

This is much lower than the $146m recorded in the same period in 2020.<\/span><\/em><\/strong><\/p>\n

The Hutchison Telecommunications Hong Kong Holdings Limited recorded a profit drop of 79% to $31m in the first half (H1) of the year, linked to the \u201csluggish\u201d economic recovery and continued travel restrictions.<\/span><\/p>\n

This declined from $146m reported in the same period last year. In particular, the decrease was driven by a $58m reduction in net interest income as bank deposit rates dropped significantly.<\/span><\/p>\n

The company also registered a $310m decrease in the net cash balance from the start of 2020, following the settlement of 5G investment and spectrum spending in H1 2021.<\/span><\/p>\n

\n
\n
\n
<\/div>\n<\/form>\n<\/div>\n<\/section>\n

\u201cThe COVID-19 pandemic has continued to bring significant upheaval to the way of life and businesses,\u201d Chairman Canning Fok\u00a0Kin-Ning\u00a0said in his statement.<\/p>\n

\u201cSluggish economic recovery and persistent travel restrictions have led to unprecedented operational uncertainties throughout the first half of 2021.\u201d<\/p>\n

The company\u2019s total revenue grew 29% to $2.56b in H1 2021 from $1.98b a year ago.<\/p>\n

Of this, the local service revenue showed a 4% rise to $1.50b from $1.44b. Hardware revenue, meanwhile, rose by 194% to $935m.<\/p>\n

The Board declared an interim dividend of 2.28 cents per share for the six months to June 2021. It also declared a one-off special interim dividend of 19.80 cents per share for the same period.<\/p>\n

This brings the total dividends to 22.08 cents.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hutchison Telecom profit drops nearly 80% to $31m in H1 This is much lower than the $146m recorded in the same period in 2020. The Hutchison Telecommunications Hong Kong Holdings Limited recorded a profit drop of 79% to $31m in the first half (H1) of…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[555],"tags":[558,563],"class_list":["post-803","post","type-post","status-publish","format-standard","hentry","category-hong-kong","tag-hong-kongnews","tag-hutchison-telecom"],"yoast_head":"\nHutchison Telecom profit drops nearly 80% to $31m in H1 - Grand City Investment Ltd<\/title>\n<meta name=\"description\" content=\"Hutchison Telecom profit drops nearly 80% to $31m in H1, which is much lower than the $146m recorded in the same period in 2020.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/grandcityinvestment.com\/hutchison-telecom-profit-drops-nearly-80-to-31m-in-h1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hutchison Telecom profit drops nearly 80% to $31m in H1 - 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